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Israeli economy

Outgoing Finance Ministry chief economist Shira Greenberg speaks at the Aaron Institute for Economic Policy conference at Reichman University, June 14, 2023. (Oren Shalev)
June 14, 2023, 2:28 pm
Business execs urge Netanyahu to let opposition have seat on judicial panel
Entrepreneurs and investors warn of ‘irreversible’ damage to economy; outgoing Finance Ministry chief economist calls on government to clear up political uncertainty
By Sharon Wrobel
The Tel Aviv Stock Exchange, in the center of Tel Aviv, December 25, 2018. (Adam Shuldman/Flash90)
June 7, 2023, 7:00 pm
Shekel returns to gains amid cautious market optimism over judicial compromise bid
Recent comments by government representatives and selection process of judicial panel bring some confidence back to Israeli markets, erasing most of the losses of the past 2 weeks
By Sharon Wrobel
A illustrative view from Mount Carmel of the Haifa port and the Mediterranean Sea, January 2021. (Svarshik via iStock by Getty Images)
June 7, 2023, 10:05 am
OECD projects more moderate growth for Israel, citing judicial overhaul tensions risk
International economic organization slightly lowers Israeli GDP forecast to 2.9% in 2023 and 3.3% in 2024, notes underperformance of shekel and local stock market
By Sharon Wrobel
Finance Minister Bezalel Smotrich speaks at the Israel Democracy Institute (IDI) conference in Jerusalem, May 30, 2023. (Michal Fattal)
May 30, 2023, 7:54 pm
Smotrich seeks to tax banks’ fat profits from steady interest rate hikes
Bank of Israel head urges local banks to improve services by actively offering interest-bearing deposits to their customers; hints at further rate increases
By Sharon Wrobel
An illustrative photo of the Tel Aviv financial business district skyline. (Elijah Lovkoff via iStock by Getty Images)
May 30, 2023, 4:49 pm
Return of judicial overhaul could hurt Israel’s credit rating, Fitch warns
Bank of Israel head says economy has suffered significant shock in recent months due to proposed sweeping changes to judicial system
By Sharon Wrobel
View of the Tel Aviv Stock Exchange on November 29, 2020. (Miriam Alster/ Flash90/ File)
May 29, 2023, 10:16 pm
Renewed market concern over judicial overhaul weakens shekel, keeps rates high
Continued shekel weakness is expected to make imported goods, including food and travel abroad, more expensive; economists see borrowing costs rising to 5% in coming months
By Sharon Wrobel
Protesters march in Bnei Brak against the billions in funds provided to ultra-Orthodox parties in the state budget, on May 17, 2023. (Avshalom Sassoni/Flash90)
May 21, 2023, 6:28 pm
‘Backward country’: Economists warn government over Haredi budget allocations
In letter, former senior Bank of Israel and Treasury officials say the planned funding of food vouchers and unregulated schools poses an ‘existential threat to Israel’s future’
By Sharon Wrobel
An illustrative photo of the Tel Aviv financial business district skyline. (Elijah Lovkoff via iStock by Getty Images)
May 16, 2023, 7:24 pm
Finance Ministry cuts economic growth forecasts as tax revenue and investments cool
Treasury revises 2023 growth forecast down to 2.7% from 3% as economic slowdown will lower tax revenue this year by NIS 5.3b; sees judicial uncertainty affecting foreign investment
By Sharon Wrobel
Prime Minister Benjamin Netanyahu, left, and Justice Minister Yariv Levin, right, during the opening of the summer session of the Knesset, in Jerusalem, May 1, 2023. (Yonatan Sindel/Flash90)
May 13, 2023, 1:59 am
S&P affirms Israel’s credit rating, warns of ‘persistent’ domestic, regional risks
Ratings agency says economic growth to slow to 1.5% in 2023; In reported talks with S&P representatives ahead of decision, Netanyahu vowed overhaul would not pass in original form
By ToI Staff
IMF staff mission to Israel led by Miguel Segoviano presents initial country report to Bank of Israel governor Amir Yaron and Finance Minister Bezalel Smotrich, May 10, 2023. (Finance Ministry Spokesperson's Office)
May 11, 2023, 12:02 am
IMF says uncertainty over judicial overhaul poses ‘risks’ to Israeli economy
IMF cuts 2023 growth outlook, noting judicial uncertainty could lead to severe financial conditions, hamper investment and consumption; S&P set to affirm credit rating outlook
By Sharon Wrobel
Finance Minister Bezalel Smotrich (left) presents the state budget at the Finance Ministry, in Jerusalem, on February 28, 2023. (Yonatan Sindel/Flash90)
April 24, 2023, 9:33 pm
Israel likely to miss 2023 deficit target as tax revenue drops amid judicial jitters
Bank Hapoalim and Meitav investment house project budget deficit to reach 3% of GDP; Treasury has set deficits of about 1% in 2023 and 0.8% in 2024
By Sharon Wrobel
Finance Minister Bezalel Smotrich (left) presents the state budget at the Finance Ministry, in Jerusalem, on February 28, 2023. (Yonatan Sindel/Flash90)
April 16, 2023, 8:28 pm
Israel swings to budget deficit in March as state revenues from taxes fall
For the first time in nine months, Israel posts a budget deficit – of NIS 300 million, or 0.01% of GDP, due partly to a 43% drop in revenue from real estate taxes, says Treasury
By Sharon Wrobel
Bank of Israel Governor Amir Yaron arrives at a cabinet meeting on the state budget at the Prime Minister's Office in Jerusalem, February 23, 2023. (Alex Kolomoisky/POOL)
March 28, 2023, 1:28 pm
Bank of Israel head issues new warning on overhaul, says bodies’ independence vital
In letter to cabinet alongside central bank’s annual report for 2022, Amir Yaron writes that major changes must be done with broad agreement, preserve institutions’ professionality
By ToI Staff
Illustrative: 100 shekel banknotes, seen December 31, 2017. (Nati Shohat/Flash90)
March 24, 2023, 10:11 am
Shekel slumps after Netanyahu speech vowing to push ahead with overhaul legislation
Currency sees sharp swings over several hours as initial expectations that Defense Minister Gallant would call to halt reforms were dashed
By ToI Staff
Bank of Israel Governor Amir Yaron speaks in an interview with CNN aired March 15, 2023. (Screenshot: CNN; used in accordance with Clause 27a of the Copyright Law)
March 15, 2023, 10:23 am
Bank of Israel chief comes out against ‘hasty’ overhaul that could harm judiciary
Amir Yaron tells CNN plan lacks consensus, which could lead firms to move funds out of country, causing brain drain; voices confidence leaders won’t intervene in central bank
By Michael Bachner
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